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If the company borrows 8330 to pay for the purchase on the

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A company purchased merchandise inventory at a cost of $8500 with credit terms 2/10, net 60. If the company borrows $8330 to pay for the purchase on the last day of the discount period and pays the loan plus interest in the amount of $8466.93 on the last day of the credit period, what is the interest rate for borrowing money from the bank?

Reference no: EM13568252

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